Medical Debt Got You Feeling Down?
We've all heard the old phrase "adding insult to injury," but given the severe impact that medical bills can have on people's lives, "adding financial injury to physical injury" may be a better way of describing this topic. (Even if it is a bit less catchy)
Knowledge is an important first step towards getting out of debt, so in this article, we're going to present a few critical facts about medical debt. In medical tradition of a problem‐solution approach, we'll start with the bad news, and then move on to the good.
- Medical Debt is treated the same as other forms of debt. Some people expect (perhaps justly) that they will be given special consideration due to the unexpected nature of medical bills, but this is not the case. Medical debt can hurt your credit just as all other debt can.
- Poor credit can affect many areas of your life such as job hunting and trying to get credit.
- Mistakes on your credit report can be difficult to correct when they occur, as is sometimes prone to happen as medical debt is sold off to and between collectors.
The good news
- Good habits can reverse bad credit. With patients, persistence, and a bit of planning, you can rebuild your credit. That is, as long as you manage to make repayments; which brings us to our next point,
- Repayment is possible. With smart planning and perhaps a bit of help, you can repay your debt and get back on track financially.
- Negotiation can help. By the time medical debt begins affecting your life, it has likely been set to a collections agency. Such organizations are more interested in making a some money rather than making none at all, and are thus generally willing to compromise.
Negotiating with debt collection agencies to lower payments is always possible, and with the help of an experienced debt settlement organization such as Madison Monroe and Associates online you can work out the best deal possible. Visit us online today to learn more!